Sembcorp Marine: CIMB has Technical Buy Call. Note that the downtrend from $6.03 appears complete or about to be completed as house see a five wave movement from the peak. Prices could push a tad lower towards the $3.00 mark but yesterdays’ bullish engulfing pattern could potentially be a reversal signal.
See bullish divergence signals on both its MACD and RSI. With its RSI also in oversold condition, reversal could be just around the corner. Aggressive traders could go long now with a stop placed below S$2.95 but would prefer to wait for a pullback towards $2.95-3.02 range before attempting to get in. Place a stop below $2.80. Expect a rebound back up towards $3.80 levels in the short term. There is potential for prices to rebound back up to $4.25-4.50 if the $3.80 level is breached.
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